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ETFX CAC 40 2x Short Fund

The investment seeks to track the price and yield performance, before fees and expenses, of the CAC 40 Xbear index.
The Investment Manager will seek to achieve the investment objective primarily through the use of FDIs, principally through entering into OTC Swaps. The terms of any such OTC Swap will aim to provide the return of the CAC 40® XBear Index. In doing so, the ETFX CAC 40 2x Short Fund will seek to gain exposure to all of the component securities of the CAC 40® XBear Index in substantially the same weighting as the CAC 40® XBear Index and consequently the ETFX CAC 40 2x Short Fund may have exposure to or invest directly up to 20% of its Net Asset Value in shares issued by the same body, which limit may be raised to 35% for a single issuer in exceptional market conditions.